CASESUCCESSES

AremisSoft: Innovative settlement in ongoing fraud case

Recovered more than $250 million as lead counsel in a class action involving the embezzlement of hundreds of millions of dollars by former officers of AremisSoft.

Because one officer remains at large and not all funds have been recovered, we negotiated a creative settlement that allowed shareholders to quickly recover value. As part of the settlement, we helped reorganize AremisSoft as a new company, separating out the securities fraud claims and the bankrupt company’s claims into a litigation trust. Class members received the majority of the equity in the new company, and will receive a pro rata share of any funds recovered by the trust. We have initiated actions in the Isle of Man and Cyprus, as well as the United States, as we continue trying to recover stolen assets.